Policy Dokumente

Policy Paper 03/2019

Designing SME support programs: International experience and implications for Belarus

To date, SME support in Belarus has mainly consisted of concessional loans. The Belarusian government now wants to put SME supporton a broader footing and, above all, to include non-financial support instruments such as training and advisory services in its range of support offers.

Since the reorganization of SME support is beginning from scratch, Belarus has the opportunity to take account of international experienceand lessons learned.

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Policy Paper 02/2019

The concept of entrepreneurship in the regulative frameworks of Germany and Belarus

Belarus has recently adopted some reforms that simplify and liberalize the registration of a number of economic activities.

We compare and assess the recent reforms with the concept of entrepreneurship in the German law with a special focus on

  • Permission and registration requirements and
  • The legal status of natural persons, who carry out economic activities.
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Technical Note 04/2019

Оценка экспортного потенциала определенной категории товаров на отдельных рынках

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Technical Note 03/2018

Оценка экспортного потенциала товаров на заранее определенных рынках

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Policy Paper 01/2019

Improving the Funding of Export Transactions

Export Promotion is a proven and valuable instrument for strengthening a Nation’s export performance. Through export promotion national companies gain experience in tackling international markets, they can improve their international competitiveness, attract export finance and get protection against the risk of non-payment of foreign contract partners. However, the design of an export promotion scheme needs to be done with caution, because many domestic and international aspects must be taken into consideration. For Belarus, not (yet) being a WTO member, the WTO Agreement on Subsidies and Countervailing Measures (ASCM) nevertheless should be an important benchmark concerning the ultimate borderline for state supported export finance and export credit insurance. Not only internationally, but also domestically aspects of protection of competition and avoidance of corruption and unfair business practices need to be considered.

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Policy Study 02/2018

Diversification of Belarusian Exports: The Potential of Machinery Exports on Non-Traditional Markets

Belarus is an open economy, with exports exceeding 50% of GDP. Within the basket of export goods, machinery and equipment exports play an important role. In 2017, they amounted to USD 5.3 bn, which implies a share of 18% in total goods exports. Vehicles are the largest category of Belarus machinery exports, accounting for 43% of total. This includes vehicles for the transportation of goods, tractors and motor cars. However, the geographical structure of machinery exports is – in line with the overall export structure – highly concentrated. Belarus’ traditional export destinations are the Eurasian Economic Union EAEU (including the Russian Federation), the CIS (outside the EAEU) and to some extent the EU. Taken together, these markets absorb a whopping 93% of Belarusian machinery exports.

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Policy Paper 03/2018

Diversification of Belarusian Exports: The Potential of the DCFTA-Countries Ukraine, Moldova and Georgia

Belarus is an open economy, with exports running at above 50% of GDP. The Russian Federation accounts for about half of Belarus’ total exports of goods. A diversification of Belarus’ exports to other markets would be a well-founded policy goal, increasing export sales and reducing the vulnerability to external shocks.

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Policy Paper 02/2018

Geplante Änderungen im Steuerrecht 2018: Eine erste Einschätzung

Belarus hat seit 2011 eine Reihe von Erfolgen bei der Reformierung des Steuerwesens vorzuweisen. Lag das Land noch 2011 auf Platz 183 im „Doing Business“ Report der Weltbank im Bereich Steuersystem so wird Belarus aktuell auf dem 96. Platz gelistet.

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Policy Study 01/2018

Strategic Options to Improve the Effectiveness of Investment Promotion Agencies (IPAs)

Not only competition between locations, but also between IPAs has significantly increased in the recent past. Taking into account international best practice, this policy study assesses strategic options to increase the effectiveness of IPAs in a competitive landscape.

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Technical Note 02/2017

Linking international central securities depositories (ICSD) with local central securities depositories (CSD): Additional information

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Policy Paper 03/2017

Competition law enforcement: German experience and relevance for Belarus

Understanding the principles, the structure and organizational design of competition law enforcement in Germany could be of interest for Belarus as it is currently drafting its competition development program.

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Policy Paper 02/2017

Recommendations for reforming the SME Definition in Belarus

The classification of small and medium-sized enterprises (SME) in Belarus is inappropriate. Consequently, the official statistical research and publications do not provide reliable data for policy makers, which hinders the development of efficient SME policy. We therefore recommend reforming the legislation that stipulates the SME definition.

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Policy Paper 01/2017

Resolving Non-Performing Loans: Selected International Experience

Belarus is faced with a rapidly rising level of non-performing loans (NPLs) in its banking sector. This is not a unique feature; many countries in the world have experienced similar developments as NPL cycles are quite a regular feature of many financial systems around the globe. However, international experience also shows that high levels of NPLs pose a danger to financial and economic stability, and thus need to be comprehensively addressed by policymakers. A bank’s high NPL stock depresses its earnings as it generates less interest income, requires loan-loss recognition and increases operating costs related to NPLs’ management and work-out. Operating costs could be significant as the relevant skills are in short supply within the banking industry. Lack of profitability reduces the capital generated within banks, raises funding costs, and depresses credit growth. Credit will be constrained by all banks, impacting both healthy and distressed private sector borrowers.

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Policy Study 02/2016

International linkages and external shocks: A Global VAR perspective for Belarus. Evidence from different model specifications

Belarus as a small, open economy is closely integrated into the global economy via complex commodity, trade and financial channels. The empirical investigation of the impact of different external shocks, e.g. changes in the global price of crude oil, or a recession in Belarus’ main trading partners on its main macroeconomic variables like GDP, inflation and the exchange rate is of concern to policymakers and researchers alike.

In this policy study, we use a very modern and sophisticated econometric approach to investigate these issues further. The Global Vector Autoregression (GVAR) as a multi-country model has been specifically developed to study such global macroeconomic issues, and has to our knowledge not previously been applied to the case of Belarus.

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Policy Study 01/2016

Policy Options to Reform Free Economic Zones in Belarus

In Belarus, six Free Economic Zones (FEZs) exist in the country, with the first one (Brest) coming into existence 20 years ago. Their main objectives are according to the Law the promotion of the socio-economic development of Belarus and its regions, the attraction of investments aimed at the creation and development of export-oriented and import-substituting industries based on new and high technologies, as well as other purposes.

A more detailed assessment of their economic performance reveals a very mixed picture, though. While their contribution to the nations FDI and employment stock is relatively limited (5% and 3%, respectively), there have been worrying growth dynamics over the last years. The number of zone residents as well as the people employed in FEZ shrank over the last couple of years. The export share in FEZ is rather poor in international comparison, and they did not really contribute to the diversification of exports from traditional CIS markets towards new markets.

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Policy Study 01/2015

Money as a leading indicator of inflation in Belarus and its implications for monetary policy

High inflation is one of the most acute problems of the Belarusian economy in recent years. It undermines the foundations of macroeconomic stability, introduces a significant uncertainty in the activity of enterprises and households, and creates difficulties for private business development. Therefore, at the moment the reduction of inflation is a key issue for economic policy in Belarus. In order to stabilize high inflation and make monetary policy more effective, the National Bank of Belarus (NBB) in 2015 moved to a regime of monetary targeting. However, the usage of monetary targeting requires clear-cut and stable relationships between the variables used as the operational, intermediate and final target. The absence or weakness of such links makes a monetary targeting regime actually ineffective in reducing inflation.

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